AP » Could Revolut’s AI-driven BillPay be a potential game-changer for CFOs?

Could Revolut's AI-driven BillPay be a potential game-changer for CFOs?

Revolut, the London-based digital bank, is set to launch a new product, BillPay, aimed at Chief Financial Officers (CFOs).

This AI-driven tool is designed to streamline account functions, automating the process of pulling invoices from accounting platforms, extracting necessary information, and executing transfers with the required approvals.

James Gibson, the General Manager of Revolut Business, has stated that BillPay aims to reduce the time spent on accounts payable by over 80%. This product is expected to roll out to companies during the second half of 2024. The introduction of BillPay is part of Revolut’s broader strategy to expand its presence in the business-to-business segment.

In recent months, Revolut has launched an HR platform and a business savings account, the latter of which attracted over £150m in deposits from UK businesses within the first six weeks of its launch. The savings account is set to be launched for European businesses in the second quarter of 2024.

BillPay’s Competitive Edge

BillPay will be embedded within the company’s business account, offering customers access to interbank FX rates and international payments. This feature simplifies the process of paying global suppliers. Furthermore, BillPay will be integrated with Revolut’s existing expense management solution, allowing customers to manage spending across their business seamlessly.

Revolut Business is focusing on building products in finance automation and expense management, with a particular emphasis on large organisations that manage hundreds and thousands of invoices every month.

Artificial Intelligence (AI) plays a crucial role in the functionality of BillPay. The tool will leverage AI to help businesses save time and money in several ways. These include learning how to best match receipts with transactions, automatic identification of unusual bills or transactions, and helping to identify and eliminate unnecessary spend.

AP automation on the rise

AP automation is riding a wave of perfect conditions in 2024 – catapulting what was once a niche software category into mainstream adoption.

The seeds that fuel this growth surge trace back to digital transformation efforts years ago. Yet it took the turbulent economic landscape of late to trigger the rapid bloom of AP automation we now witness.

With currencies fluctuating wildly amidst unpredictable markets, organizations desperately need to trim costs and staunch profit leakage. Automating AP presents a plug-and-play solution – curbing expensive errors, accelerating processing times, and unlocking discounts for early invoice payments.

The remote work revolution only amplifies these automation incentives and possibilities. Cloud-based AP solutions support decentralized finance teams to operate seamlessly without reliance on paper trails. Standardizing workflows across locations delivers transparency while restricting fraud.

And as data security moves up the priority ladder, AP automation again proves a prudent choice. Automated environments better safeguard sensitive financial information with built-in encryption, access controls, and immutable audit logs.

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